62. The Minister may, after having given the Institute an opportunity to present its views, assume the administration of the Institute in the place and stead of the board of directors for a period of not more than 120 days,(1) where the Institute engages in practices or tolerates a situation incompatible with the pursuit of its mission;
(2) where there has been a gross fault, such as embezzlement, breach of trust or other misconduct by one or more board members; or
(3) where the Institute has been seriously remiss in the performance of its obligations under this Act.